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Millionaire Bitcoin Trader: Bottom Isn’t In Yet, Deeper Pullback Expected

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Highly regarded bitcoin trader says the bottom for the dominant cryptocurrency isn’t in just yet following its 5 percent drop overnight .

According to Zoran Kole, a highly regarded bitcoin trader, the bottom for the dominant cryptocurrency isn’t in just yet following its 5 percent drop overnight.

On November 8, within a span of hours, the bitcoin price fell from around $9,100 to $8,600 at the day’s lowest point, recovering to $8,800 since.

Technical analysts are generally gearing towards a bearish short term trend for bitcoin, which could slow down the momentum of alternative cryptocurrencies including Ethereum and XRP that have performed strongly throughout the past two weeks.

Why positive outlook for Bitcoin, Ethereum, and XRP is overturned

Initially, before the extended decline in the bitcoin price from mid-$9,000 to $8,600, some technical analysts were favoring a continued movement to the upside.

When bitcoin is relatively stable in a tight range for weeks, a large move has tended to historically to occur after the sideways consolidation.

However, as a strong support level at $9,200 started to weaken with multiple tests in a short time frame, BTC ultimately broke down below, causing a cascade of long contract liquidations across major cryptocurrency margin trading platforms.

With BTC below $9,000, analysts are struggling to find both technical and fundamental factors that could catalyze a bitcoin large rally to immediately recover from this week’s pullback.

TD Ameritrade executive JJ Kinahan told Bloomberg:
“It’s had a decent move to the downside today, but to me, it’s going to remain range-bound for a while. I don’t know what the stimulus would be to take us outside of that range. It’s similar, to me, to what we see in the market overall.”

While alternative cryptocurrencies could outperform bitcoin in the upcoming days, if the bitcoin price falls below key support levels, assets like Ethereum and XRP would still record losses against the U.S. dollar.

Bakkt is a variable but not a big enough one

One minor factor is the consistent increase in the daily volume of Bakkt, a bitcoin futures market operated by NYSE parent company ICE.

On November 8, when the bitcoin price began to fall sharply against the U.S. dollar, Bakkt said that the company set a new record high daily volume.

“Today we set a new daily record of 1,756 Bakkt Bitcoin Futures contracts traded,” the Bakkt team said.

Due to its highly anticipated launch and expectations of traders that the volume of Bakkt will rise as brokers prepare to integrate it into their systems, it remains unclear whether the market would price in such developments in the short term.

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Facebook ordered by Dutch court to take down fake Bitcoin ads

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With the growing popularity of cryptocurrencies and Bitcoin, scams pertaining to the same have also been on a surge. Pictures of celebrities touting investments related to Bitcoin have time and again surfaced all over the internet. John de Mol, a Dutch television producer, is the latest to fall prey to such fake advertisements.

Advertisements of the celebrity promoting Bitcoin-related investments were found to be appearing on Facebook. Soon after the Dutch media tycoon came across the same, he urged Facebook to take it down. The social media giant, however, did not respond to recurring requests

A Dutch court has now ordered Facebook to take down the fake advertisements, ruling that if it fails to do so, the social media platform would have to pay a fine of 1.1. million Euros. Additionally, the Dutch media tycoon had also called out Facebook for allegedly handing over his personal information to the scammers in question.

Since Facebook has policies regarding the publication of advertisements on its platform, the court ruled,

“Facebook’s arguments that it is just a neutral funnel for information and therefore cannot be obligated to act, is not acceptable.
The company plays too active a role with respect to advertisements, which form its primary business model to argue that.”

The social media platform has now, reportedly taken down the fake advertisements in question.

This isn’t the first such case, however. Previously, pictures of the Founder of MoneySavingExpert.com, Martin Lewis, were used in over 100 Facebook ads to promote a similar Bitcoin scam.

Even prominent Hollywood actress, Kate Winslet, wasn’t immune to such a scam, with Winslet’s image and fake quotes attributed to her being used to promote a Ponzi coin, Bitcoin Code. Winslet went on to respond to the scam via legal means.

Source: ambcrypto


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Bitcoin price prediction: BTC/USD capped by resistance levels at $8,900 and $9,025 – Confluence Detector

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  • BTC/USD had a heavily bearish Monday, where the price dropped from $9,035.30 to $8,721.25.
  • The confluence detector shows one strong support level on the downside at $8,525.

BTC/USD has had a bullish start to Tuesday and is currently priced at $8,738.65. This follows an extremely bearish Monday wherein the price dropped from $9,035.30 to $8,721.25. The daily confluence detector currently shows two healthy resistance levels at $8,900 and $9,025. On the downside, there is a support level at $8,525.

BTC/USD daily confluence detector

fxsoriginal

$8,900 has the one-day Fibonacci 61.8% retracement level and one-week Fibonacci 23.6% retracement level, while $9,025 has the 4-hour Bollinger band upper curve and one-week Fibonacci 38.2% retracement level. 

On the downside, the $8,525 support level has the one-month Fibonacci 61.8% retracement level and one-day Pivot Point support one.

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Stroustrup: I Don’t Like That C++ Has Given Way to BTC Mining

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It’s awful when something you’ve created is being used in a bad way, and C++ software language creator Bjarne Stroustrup is feeling this firsthand, but how accurate are his thoughts?

Stroustrup: Not a Big Bitcoin Fan

Stroustrup is the builder of C++, which is a programming system that’s used to power all kinds of new software platforms – including bitcoin mining. In a recent interview, the tech genius explained that while he’s very proud of his creation on an individual level, he has no control over its uses and doesn’t always like what C++ has given rise to.

Case in point: bitcoin mining, he says, is extremely hazardous to the environment. He states that the process of extracting new coins utilizes as much energy as Switzerland uses to power every one of its homes. Furthermore, he also explains that bitcoin itself is used primarily to benefit criminals, and he’s none too thrilled about the results he’s been witnessing as of late as bitcoin is built on C++.

He explains:

You try to improve the tool by looking at how it’s being used, and when people cut their fingers off and try and stop that from happening. But really, you have no control over how something is used… So, I’m very happy and proud of some of the things [that] C++ is being used [for], and some of the things I wish people wouldn’t do. Bitcoin mining being my favorite example. [It] uses as much energy as Switzerland and mostly serves criminals.

To an extent, it can be argued that bitcoin is utilized for much more than criminal enterprises, now. For one thing, Bakkt – the new crypto trading platform owned by the Intercontinental Exchange (ICE) – is giving institutional players an opportunity to trade bitcoin futures contracts, which could potentially bring a whole new wave of legitimacy not only to the coin, but to the space it’s in.

Granted more professional traders are using cryptocurrency as a means of adding to and growing their wealth, we’re likely to see bitcoin considered a solid trading and investment tool. In addition, Bakkt is also paving the way for retailers such as Starbucks to begin accepting cryptocurrency as a means of payment.

There’s More to BTC…

This has been crypto’s biggest goal all along. Most digital currencies were designed to be used as means of paying for goods and services. However, their volatility has often gotten in the way and prevented this from happening. If you use BTC to pay for $50-worth of goods, but tomorrow the price goes down, you’ll still walk off with all your items. The business accepting the payment, however, will lose money.

Granted bitcoin and other cryptocurrencies can be utilized as much as USD to pay for items in the future, perhaps some of that volatility will finally disappear.

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